Bank of Scotland Business Accounts’ Review

The Bank of Scotland is Scotland’s first and oldest bank, with over 250 years of experience in business banking.

It’s helped over a million businesses in the UK, but is it the best option for your business?

Carry on reading to learn more about the Bank of Scotland’s Business Accounts.

Bank of Scotland Business Bank Account

Monthly Fee

£8.50

New Bank of Scotland Business Current Account customers get the first 12 months free

Bank Transfers

First 100 a month free, then 20p

Card Purchases

First 100 a month free, then 20p

Overdraft

Yes

Between £500 and £5,000

FSCS Protection

Yes

Trustpilot Score

787 Reviews, average rating of 1.6/5

Accessibility

Manage your account online, through the mobile app, in a Bank of Scotland branch or over the phone.

See Deal

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Eligibility Criteria

– You must be at least 18 years old.
– You’re either a sole trader, partner or company director.
– You are applying for your first bank account with the Bank of Scotland.
– You have an annual turnover of less than £25 million.

Bank of Scotland Treasurer’s Account

Monthly Fee

£0.00

Bank Transfers

£0.00

Free everyday banking for as long as you remain in credit

Card Purchases

£0.00

Free everyday banking for as long as you remain in credit

Overdraft

No

FSCS Protection

Yes

Trustpilot Score

787 Reviews, average rating of 1.6/5

Accessibility

Manage your account online, through the mobile app, in a Bank of Scotland branch or over the phone.

See Deal

opens a new window

Eligibility Criteria

– You must be a non-profit organisation such as a charity, church, club or society
– You must require the account for business use
_ You are aged 18 or over
– You have an annual business turnover under £50,000.

Bank of Scotland Business Accounts: Our Verdict

The Bank of Scotland offers a solid range of business accounts, making it a good choice for small to medium-sized businesses. The straightforward application process and flexibility to manage your account both online and in person are standout features. The free Business Finance Assistant software is a bonus for those looking to simplify bookkeeping, and the ability to handle cash and cheques in-branch or via the app adds to its convenience. However, if you’re after more advanced features or need a higher overdraft limit, Bank of Scotland might not quite measure up compared to other providers.

For businesses that don’t require complex integrations or high overdraft facilities, the Bank of Scotland provides a reliable, no-frills service. The downside is that after the first year, the Business Account comes with a £8.50 monthly fee, which might not be ideal for those on a tight budget. Additionally, the bank’s limited branch network could pose a challenge if you prefer face-to-face banking, but with the mobile app and online banking, this becomes less of an issue for businesses comfortable with digital banking.

Overall, the Bank of Scotland is a good option if you’re a small business or sole trader looking for simplicity, flexibility, and solid support. However, if you’re looking for cutting-edge digital tools or more comprehensive international services, you might find better alternatives elsewhere.

Pros & Cons

Bank of Scotland At A Glance

Factor	Bank of Scotland Details
Bank Accounts	Business Current Accounts – Business Bank Account – Community Account – School Bank Account – Credit Union Account – Foreign Currency Account Business Deposit Accounts – Instant Access Savings Account – 32-Day Notice Account – 92-Day Notice Account – Fixed Term Deposit – Foreign Currency Fixed Term Deposit – 32-Day USD Notice Account
Pricing	The fee varies depending on the account. New customers can use the Business Account for free for the first 12 months, then pay £8.50 monthly. Additional services, including international payments and overdrafts, also incur fees.
Overdraft	Some accounts enable you to apply for an overdraft of up to £5,000, with a minimum facility of £500.
Ease of Use	Highly-rated mobile app and online banking platform. You can also use traditional telephone banking and in-person services at the branch or the Post Office.
Security	FSCS protection on deposits up to £85,000 plus a wide range of fraud detection measures.
Customer Support	Virtual assistant available 24/7 through the mobile app. In-app messaging with an agent Monday through Friday, 7 am to 7.45 pm, and telephone support Monday through Friday, 7 am to 8 pm and Saturday, 9 am to 2 pm, excluding UK bank holidays.
Reviews	Average Trustpilot rating of 1.6 out of 5 based on 787 reviews.
Eligibility Criteria	Virtual assistant is available 24/7 through the mobile app. In-app messaging with an agent Monday through Friday, 7 am to 7.45 pm, and telephone support Monday through Friday, 7 am to 8 pm and Saturday, 9 am to 2 pm, excluding UK bank holidays.
Additional Informational	As long as you hold an account, you will have free access to Make Tax Digital-compliant accounting software, Business Finance Assistant.

Who is the Bank of Scotland?

The Bank of Scotland is one of the UK’s oldest and most established banks, with roots tracing back to its founding in 1695. Over the centuries, it has evolved into a reliable partner for individuals and businesses, offering tailored financial solutions. Whether you’re a sole trader, a growing enterprise, or an established company, Bank of Scotland has products designed to meet diverse business needs.

Bank of Scotland prides itself on providing personalised service alongside modern banking convenience. It bridges the gap between the rich history of traditional banking and today’s fast-paced, digital-first world. From dedicated industry expertise in sectors like agriculture and real estate to practical tools like online banking and mobile cheque deposits, the bank supports businesses in navigating the challenges of managing finances.

With a wide array of accounts, rewards like cashback on business spending, and access to foreign exchange and savings options, the bank remains a trusted choice for businesses that want a balance of tradition and innovation.

Who Should Use Bank of Scotland’s Business Banking (And Who Shouldn’t)?

Bank of Scotland is suitable for:

• Those who want the flexibility of banking online or in person. 
• Businesses that want to be able to deposit cheques and cash. 
• Companies that make frequent international transfers and wish to minimise foreign exchange costs.
• Customers that value access to the free, inbuilt MTD-compliant accounting software. 
• Those don’t need to access overdraft facilities of more than £5,000.
• Businesses that want to access additional business banking services like savings accounts, credit cards, loans, finance, and business insurance.

Bank of Scotland may be unsuitable for:

• Businesses with a high annual turnover of over £25 million for Business and Foreign Currency Accounts or £50,000 for Treasurer’s Accounts. 
• Customers that need overdraft facilities of more than £5,000.
• Those who want advanced mobile banking features, including saving spaces and pots, virtual cards and multi-user access. 
• Companies that want to integrate their account with 3rd party accounting software like Xero, Quickbooks and Sage.

Products And Features: Bank of Scotland Business Banking Services

The Bank of Scotland offers a range of business accounts catering to all banking needs. 

The information below highlights the key features of each Bank of Scotland Business Account.

Business Account

Best For: Small to medium-sized businesses, sole traders, and partnerships looking for a reliable and straightforward way to manage their day-to-day finances

Key Features: 

• New business current account customers get free account fees for the first 12 months, then £8.50 per month after that. 
• Overdrafts up to £5,000 are available subject to application.
• Free access to the Business Finance Assistant MTD accounting software.
• Up to 100 free monthly electronic bank transfers from your account, then 20p afterwards.
• Ability to send money to most countries and schedule payments 2 to 30 business days in advance. 
• Free ATM withdrawals. 
• Account management options include online, via mobile app, in the branch or over the phone.
• Various cards are available, including a Visa contactless debit card, credit card and charge card. 
• You can deposit cash and cheques through the mobile app, in a branch or at the Post Office.

School Bank Account

School Bank Account

Best For: State-funded schools, academies or multi-academy trusts. 

Key Features:

• Free day-to-day banking: No charges for everyday banking transactions like deposits, withdrawals, and payments, as long as eligibility criteria are met (for state-funded schools or academies).
• Core financial management: Specifically designed for receiving state funding and handling essential school operations, including payroll.
• Tailored services: Schools can access additional services such as CHAPS (for same-day payments) and international payments, though these incur separate charges.
• Clear eligibility criteria: The account is strictly for schools receiving state funding and must be used for official school activities.

Credit Union Account

Best For: Community credit unions that provide financial support and a stepping stone into mainstream banking for their members

Key Features:

• Free day-to-day banking— Eligible credit unions do not charge a monthly account fee, making it a cost-effective solution for managing finances.
• Fast access to cleared funds – Cash deposits are credited the same day, ensuring funds are available immediately.
• Cheque and paying-in books – Credit unions can process payments and handle deposits efficiently, with the flexibility to add multiple signatories.
• Deposit solutions – Access to a range of deposit options to help make the most of surplus funds.
• Dedicated support – Expert guidance from the Business Management Team, providing tailored advice to help credit unions operate smoothly.
• Flexible account management—Credit unions can manage their accounts in a way that suits them best, with easy access to banking services.

Community Account

Best For: Non-profit organisations, including clubs, societies, associates, registered charities and community groups.

Key Features:

• Low-cost banking – Non-profits pay lower fees than businesses, with registered charities benefitting from a fee-free account. The monthly fee for clubs and societies is £4.25
• Account balance—The Community Account is available to clubs, societies, and associations that expect to pay less than £250,000 or charities that will pay less than £50,000 into their account every 12 months. 
• Flexible account management – Up to four signatories can be added for extra security, and signatory settings can be updated as needed.
• Easy online and mobile banking – The business banking app and free accounting software help streamline financial management.
• Straightforward payments – Manage transactions easily, with access to cheques and paying-in books.
• Dedicated support – Access guidance and resources to help run your organisation’s finances smoothly.

Foreign Currency Account

Best For: Businesses that regularly deal with international payments

Key Features:

• Hold and manage multiple currencies – Choose from a wide range of foreign currencies, including EUR and USD.
• Lower exchange rate costs – Avoid unnecessary currency conversions and reduce foreign exchange fees.
• Simplified international payments – Make and receive payments directly in foreign currencies.
• Overdraft facilities – Available in most major currencies (subject to approval).
• Chequebook option – Offered in most major currencies.
• No minimum balance – Flexible account management without strict funding requirements.

Savings Accounts

This article focuses on the Bank of Scotland Business Current Accounts. However, the bank also offers a range of savings accounts.

Customers can choose from flexible Instant Access Accounts, 35—or 95-day Notice Accounts, or Fixed Term Deposit Accounts of a length that suits their needs.

Pricing and Fees Breakdown

Account Type	Monthly/Annual Fee	Electronic Payments	ATM Withdrawals	Using Card Abroad
Business Account	No fee for the first 12 months, then £8.50 per month	Free	Free	2.75% non-sterling transaction fee. ATM withdrawals may incur an additional fee.
School Bank Account	Free	Free	Free	Free
Credit Union Account	Free	Free	Free	Free
Community Account	£4.25 per month for clubs and societies or free for charities	Free	Free	2.75% non-sterling transaction fee. ATM withdrawals may incur an additional fee.
Foreign Currency Account	£60 per year (£30 charged in March/Sept or April/Oct)	£15 – £28, depending on currency and urgency.	N/A	N/A
Euro Current Account	£24 per year (£12 charged in March/Sept or April/Oct)	£15 – £28, depending on currency and urgency.	N/A	N/A

Ease of Use and The Application Process

No matter what type of account you hold, Bank of Scotland makes managing your finances as straightforward as possible. With a range of tools and support, you can keep on top of your banking in a way that works best for you.

Banking with the Bank of Scotland is designed to be simple and convenient. Customers can manage their accounts online or through the Bank of Scotland Business Mobile App, providing 24/7 access to balances, payments, and statements. 

Telephone banking is available for those who prefer a more personal touch, offering expert support whenever needed. While most transactions can be handled digitally, branches remain accessible for in-person services such as cash or cheque deposits. 

The added benefit of integration with the free accounting software Business Finance Assistant ensures that businesses and organisations can seamlessly track transactions, manage expenses, and manage bookkeeping.

Customers with eligible accounts can deposit cash and cheques at Bank of Scotland branches. Cash deposits are credited on the same day.

Safety and Security

Bank of Scotland uses various security measures to protect your money and personal details. Here’s how they keep your account secure:

• Secure login and authentication – Multi-factor authentication (MFA) adds an extra layer of security, such as a unique code sent to your phone, making it much harder for anyone else to access your account.
• Fraud detection systems – Transactions are constantly monitored for anything unusual. If a payment looks suspicious—like a transfer to a new recipient or a sudden large transaction—the bank may pause it and contact you to confirm.
• Data encryption – Your personal and financial details are scrambled using encryption technology, ensuring that hackers can’t read them, whether you’re using online banking, the mobile app, or speaking to customer support.
• 24/7 fraud teams – Dedicated teams work around the clock to detect and prevent scams. If you notice anything suspicious, you can report it immediately, and the team will investigate.
• Fraud awareness updates – The bank regularly shares information on common scams and fraud risks, helping you stay informed and avoid threats before they happen.
• Card security features – If your card is lost or stolen, you can freeze it instantly through the mobile app, giving you complete control.

Customer Support

Bank of Scotland offers several ways to get help to choose what works best for you.

• Phone support – You can call the customer service team for help with your account, payments, or any concerns. Dedicated phone lines for different account types make it easy to get the right support.
• In-branch help – If you prefer speaking to someone face-to-face, you can visit a local branch. Staff can assist with everything from setting up an account to managing payments.
• Online banking support – The Bank of Scotland website has a detailed help section with answers to common questions. You can also use secure messaging to contact support.
• Mobile app assistance – The app includes a chat feature for quick help, plus access to FAQs and account management tools.
• 24/7 fraud helpline – You can call the dedicated fraud team anytime if you suspect fraud. They will act quickly to protect your money.

Bank of Scotland Customers Reviews

At the time of writing (February 2025), Bank of Scotland has a “bad” average Trustpilot rating of 1.6 out of 5 based on 787 reviews. However, its mobile app has received significantly better reviews, earning 4.7 out of 5 on both the Apple App Store and Google Play Store.

Many customers praise the bank for its reliable support, particularly the customer service representatives, who are often described as helpful, professional, and empathetic. Long-term customers appreciate the consistency of the bank’s service over time, while newer customers are generally satisfied with the bank’s efficient problem-solving. 

However, frustrations arise when it comes to specific issues, such as difficulties with call centre communication, delayed responses to complaints, and frustrations with outsourced services.

Additionally, some reviewers express dissatisfaction with the bank’s online services, citing a malfunctioning website, frustrating security hurdles, and slow processes in resolving issues like identity verification. 

The Bank of Scotland Business app has also received mixed reviews. Customers appreciate its ease of use, reliability, and security features like cheque scanning and secure payments. However, some users have found the app less functional than personal banking apps, particularly regarding features like accessing bank statements and setting up new payees. While the app is helpful for small businesses, many users feel it needs improvements to resolve functionality gaps and enhance its overall usability.

Eligibility Criteria

The Bank of Scotland offers a variety of business accounts, each with its own eligibility criteria

Business Account

To apply for a Business Account, you must meet the following conditions:

• You must be at least 18 years old.
• You need to be a UK resident.
• You must be a sole trader or a director of a business.
• If you have a limited company, it must:
  • Be registered with Companies House for at least four days.
  • Have no changes made to the Companies House register in the past four days.
  • Be listed as ‘active’ on the Companies House register.
• Your business should have an annual turnover of £25 million or less.

School Bank Account

This account is specifically for:

• State-funded schools or academies 
• With an annual turnover of up to £25 million.

The account is not available to private or independent schools.

Credit Union Account

For credit unions, the eligibility criteria include:

• The applicant must be an approved credit union.
• The account can only be used for business purposes.

Community Account

This account is designed for not-for-profit entities, and its eligibility includes:

• You must be a not-for-profit club, association, school club, or PTA.
• The business must not expect more than £250,000 to be paid into the account annually.

You cannot apply for this account if:

• The school is a state-funded school using this as its main account.
• Your club or society is profitable, distributing surplus money as dividends or profits.

Charities and registered societies can apply for this account under the following conditions:

• You must be a registered charity or a registered society, including Friendly Societies.
• The account can only receive up to £50,000 annually.

Foreign Currency Account

To apply for a Foreign Currency Account, you must satisfy the criteria below:

• You must already hold a Sterling business account with the Bank of Scotland.
• Your business should have an annual turnover between £3 million and £25 million.
• The applicant must be a sole trader, partner, or director of the business.
• You must be over 18 years old.
• The account must be required for business use only.

How to Open a Bank of Scotland Business Account

Opening a bank account with Bank of Scotland is simple, but the process varies depending on the type of account you need. Here’s a step-by-step guide to help you through it.

Step 1: Check if You’re Eligible

Before applying, make sure you meet the eligibility criteria for your chosen account. Different accounts have different requirements:

• Business Accounts – Available to sole traders, partnerships, and limited companies with an annual turnover of up to £25 million.
• Community Accounts – For non-profit organisations, clubs, and registered charities within specific turnover limits.
• School Bank Accounts – For academies and state-funded schools.
• Credit Union Accounts – Only for approved community credit unions.
• Foreign Currency Accounts & Euro Current Accounts – For businesses with a turnover between £3-25 million that already hold a Sterling business account with Bank of Scotland.

Step 2: Gather Your Documents

You’ll need to provide certain documents to verify your identity and business details. These may include:

• Proof of identity – Passport or driving licence for key individuals.
• Proof of address – Recent utility bill or bank statement.
• Business registration details – Companies House documents or charity registration number (if applicable).

Step 3: Start Your Application

• For Business and Community Accounts – You can apply online in just a few minutes.
• For Credit Union and School Bank Accounts – Complete an enquiry form first, and a specialist will contact you.
• For Foreign Currency and Euro Current Accounts – Speak to your dedicated relationship manager to apply.

Step 4: Submit Your Application for Review

Once you’ve completed the application and provided the necessary documents, the Bank of Scotland will review your details. This process may take a few days, depending on the type of account. If any extra information is needed, the bank will contact you.

Step 5: Receive Your Account Details

If your application is approved, you’ll get your account details and can start using your new account. Some accounts may require visiting a branch or speaking to a manager to finalise everything.

How Bank of Scotland Stacks Up Against The Competition

Feature	Bank of Scotland	Barclays	HSBC	RBS
Business Current Account Options	5	3	7	3
Overdraft Facility	Up to £5,000	Up to £50,000	Up to £30,000 – £100,000 depending on account	Up to £50,000
New Customer Free Account Offer	First 12 months	First 12 months	First 12 months	First 2 years
Mobile App	✅	✅	✅	✅
Accounting Integrations	Business Finance Assistant	FreshBooks	❌	FreeAgent
FSCS Protection	✅	✅	✅	✅
Learn More	Visit Bank of Scotland	Visit Barclays	Visit HSBC	Visit RBS

Bank of Scotland FAQs